Chinese firm plans Iceland resort?

By AML

Wed 31 Aug, 2011

Chinese businessman Huang Nubo is trying to buy 300 sq km of northern Iceland, with plans for a wilderness tourism development, including golf, according to reports.

The Financial Times says the current owners of the huge tract of land in Iceland’s north-east corner have agreed the sale to the Chinese investor, but the sale still needs government approval. The paper also reports government concern over the potential sale of so large an area of land to a foreign investor.

Huang’s company, Beijing Zhongkun Investment Group, was established in 1995, and has stakes in a large number of real estate and resort projects across China.